Islamabad, Oct 19: Attock Petroleum Reports 55% Profit Decline in Q1 FY25
Attock Petroleum Limited (APL) announced the financial result for 1QFY25, whereby the company posted a net profit of Rs. 2,385 million (EPS: from Rs. 5,260 million (EPS: Rs. 42.27) in 1QFY24 and PKR 3,041mm (EPS: Rs. 24.45) in 4QFY24, is down 55 percent YoY | 22 percent QoQ to Rs. 2,410 million (EPS: Rs. 19.17).
Total Net Sales for 1QFY25 decreased a YoY by 17% amounting to Rs. 112,718 billionaires.
As per Arif Habib Limited E&P this was owes to the low ARP of petroleum products and a decline in sales volume by 19 percent YoY the offtake of MS, HSD and FO reduced 4 percent, 12 percent and 62 percent YoY respectively.
Sequential analysis exhibited a top line contraction of approx 14 percent QoQ due to lower product prices and comprised of a 10 percent QoQ lesser than total petroleum products that includes MS, HSD and FO by 6, 17 and 8 percent QoQ respectively.
Gross margins of the company stand at 3.6% in 1QFY25 from 7.5% of 1QFY24 due to write-off losses on inventories during the quarter, against significantly higher gains on inventories during SPLY.
On sequential basis, gross margins for 1QFY25 were up by 47bps due to lower inventory impairments recorded in this quarter.
Finance cost was up 30 percent YoY with Rs. 486 million for 1QFY25 due to a higher markup charged on the slow pay category during the course of 1QFY25. In terms of the tax, the company has noteably managed to impose effective taxation at 39 percent in 1QFY25 compared to 40 percent of 1QFY24.
